Instil Bio, Inc. (TIL): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage en évolution rapide des thérapies contre le cancer, Instil Bio, Inc. (TIL) émerge comme un innovateur révolutionnaire, exerçant le pouvoir transformateur des thérapies personnalisées des cellules T. En tirant parti des technologies d'ingénierie des cellules de pointe et une approche centrée sur le patient, ce pionnier de la biotechnologie redéfinit les limites de l'immunothérapie, offrant de l'espoir aux patients luttant contre des diagnostics de cancer complexes par la médecine de précision et les stratégies de manipulation cellulaire avancées.

Instil Bio, Inc. (TIL) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Instil Bio entretient des partenariats stratégiques avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de partenariat
MD Anderson Cancer Center	Recherche thérapeutique des lymphocytes infiltrant des tumeurs (TIL)	2019
Université du Texas Southwestern Medical Center	Développement d'immunothérapie	2020

Partenariats pharmaceutiques pour le soutien des essais cliniques

Instil Bio a établi des collaborations d'essais cliniques avec les partenaires pharmaceutiques suivants:

• Bristol Myers Squibb - Mélanome Til Thérapie
• Miserrer & Co. - Recherche d'immunothérapie combinée

Accords de licence potentiels

Entreprise de biotechnologie	Zone technologique	État de l'accord potentiel
Thérapeutique adaptable	Génie de la thérapie cellulaire	En cours d'évaluation
Tmunity thérapeutique	Technologies des récepteurs des cellules T	Discussions préliminaires

Réseaux de recherche collaborative

Instil Bio participe aux réseaux de recherche d'immunothérapie suivants:

• Cancer Immunotherapy Network (CIN)
• Programme collaboratif de la Society for Immunotherapy of Cancer (SITC)
• Réseau de translation de l'immuno-oncologie du National Cancer Institute

Instil Bio, Inc. (TIL) - Modèle commercial: activités clés

Recherche et développement thérapeutique des cellules T

Instil Bio se concentre sur le développement de thérapies innovantes sur les cellules T avec les mesures de recherche suivantes:

Paramètre de recherche	Données quantitatives
Programmes de recherche actifs	3 programmes de thérapie des cellules T primaires
Investissement en R&D (2023)	86,4 millions de dollars
Personnel de recherche	52 scientifiques spécialisés

Conception et exécution des essais cliniques

Les activités des essais cliniques comprennent:

• Phase 1/2 essais cliniques pour l'ITIL-168 ciblant le mélanome métastatique
• Études cliniques en cours dans des indications de tumeurs solides

Métriques des essais cliniques	État actuel
Essais cliniques actifs	2 essais en cours
Inscription des patients (2023)	Environ 75 patients
Lieux d'essai	Plusieurs centres de cancer des États-Unis

Technologies avancées d'ingénierie cellulaire

Les capacités d'ingénierie cellulaire comprennent:

• Techniques de modification des cellules T propriétaires
• Édition de gènes à l'aide de la technologie CRISPR

Paramètre technologique	Spécification
Plates-formes d'édition de gènes	2 plateformes propriétaires distinctes
Brevets d'ingénierie cellulaire	7 brevets accordés

Innovation de plateforme d'immunothérapie propriétaire

Métriques de développement de la plate-forme:

Métrique d'innovation	Données actuelles
Investissement de développement de la plate-forme (2023)	42,1 millions de dollars
Approches d'immunothérapie innovantes	4 approches technologiques distinctes

Instil Bio, Inc. (TIL) - Modèle commercial: Ressources clés

Équipe de recherche d'immunothérapie spécialisée

Depuis le quatrième trimestre 2023, Instil Bio emploie 78 membres du personnel de recherche, avec 42 titulaires de doctorat. ou degrés de M.D. Composition de l'équipe de recherche:

Catégorie	Nombre de personnel
Chercheurs principaux	12
Chercheur	28
Associés de recherche	38

Technologies de manipulation de cellules de pointe

L'infrastructure technologique comprend:

• 3 laboratoires avancés d'ingénierie cellulaire
• 6 plateformes de manipulation de cellules de haute précision
• 24,7 millions de dollars investis dans les infrastructures technologiques en 2023

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre total
Brevets actifs	17
Demandes de brevet	8
Brevets provisoires	5

Infrastructure avancée de laboratoire et de recherche

Détails de l'installation de recherche:

• Espace total des installations de recherche: 45 000 pieds carrés
• Emplacement: Dallas, Texas
• Valeur de l'équipement de recherche: 18,3 millions de dollars

Capacités de développement clinique robustes

Métrique de développement clinique	2023 données
Essais cliniques actifs	4
Budget des essais cliniques	37,5 millions de dollars
Personnel de recherche clinique	22

Instil Bio, Inc. (TIL) - Modèle d'entreprise: propositions de valeur

Thérapies personnalisées des cellules T pour le traitement du cancer

Programmes de thérapie des cellules T spécifiques du cerf-volant:

Programme de thérapie	Type de cancer	Étape clinique
TIL-168	Mélanome métastatique	Phase 2
TIL-170	Cancer du poumon non à petites cellules	Phase 1/2

Immunothérapie innovante ciblant les maladies complexes

Les techniques d'ingénierie des cellules propriétaires se sont concentrées sur les thérapies lymphocytes (TIL) infiltrant les tumeurs.

• Méthodologie de sélection de cellules uniques
• Approches avancées de modification génétique
• Ciblage de microenvironnement tumoral de précision

Percée potentielle dans les thérapies cellulaires autologues

Paramètre technologique	Spécification
Temps de fabrication	14-21 jours
Efficacité d'expansion des cellules	> 1000 fois

Techniques d'ingénierie cellulaire avancés

Portefeuille de brevets couvrant le développement de la thérapie:

• 12 brevets accordés
• 8 demandes de brevet en instance
• Propriété intellectuelle couvrant la sélection des cellules et les méthodologies d'expansion

Approche de la médecine de précision du traitement du cancer

Focus des essais cliniques	Population de patients	Potentiel de traitement
Tumeurs solides métastatiques	Patients de stade avancé	Immunothérapie personnalisée

Instil Bio, Inc. (TIL) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les centres de recherche clinique

En 2024, Instil Bio entretient des partenariats directs avec les centres de recherche clinique suivants:

Centre de recherche	Nombre de collaborations actives	Domaine de mise au point
MD Anderson Cancer Center	3	Essais d'immunothérapie
Memorial Sloan Kettering	2	Recherche thérapeutique des cellules T
Stanford Cancer Center	1	Essais cliniques en oncologie

Communication continue avec des professionnels de la santé

Les canaux de communication avec les professionnels de la santé comprennent:

• Réunions trimestrielles du conseil consultatif scientifique
• Symposiums de recherche annuels
• Équipe de liaison médicale dédiée avec 12 professionnels à temps plein
• Série de webinaires mensuels sur les progrès de l'immunothérapie

Approche de développement thérapeutique centré sur le patient

Métriques d'engagement des patients pour 2024:

Métrique	Valeur
Séances de rétroaction des patients	24 par an
Participants au registre des patients	1 287 individus
Inscription du programme de soutien aux patients	456 participants

Rapports d'essais cliniques transparents

Données de transparence des essais cliniques:

• 100% de conformité aux exigences de rapport clinicaltrials.gov
• Temps médian à la publication: 45 jours après l'achèvement du procès
• Divulgation publique de tous les résultats de l'essai, y compris les résultats négatifs

Collaboration communautaire scientifique

Métriques de collaboration pour 2024:

Type de collaboration	Nombre
Partenariats de recherche	7
Publications scientifiques co-écrites	12
Présentations de conférence	18

Instil Bio, Inc. (TIL) - Modèle commercial: canaux

Ventes directes vers les institutions de soins de santé

Au quatrième trimestre 2023, l'équipe de vente directe d'Instil Bio s'est concentrée sur le ciblage:

Type d'institution	Nombre d'institutions ciblées
Centres de traitement du cancer	87
Hôpitaux de recherche universitaire	62
Cliniques d'oncologie spécialisées	45

Présentations de la conférence médicale

Instil Bio a participé à des conférences clés en 2023:

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Plateformes de publication scientifique

Plate-forme de publication	Nombre d'articles de recherche publiés en 2023
Biotechnologie de la nature	2
Cellule	1
Médecine translationnelle scientifique	1

Conférences d'investissement en biotechnologie

Participation de la conférence sur les investissements en 2023:

• J.P. Morgan Healthcare Conference
• Conférence Cowen Healthcare
• Conférence Jefferies Healthcare

Communication numérique et diffusion de la recherche

Canal numérique	Métriques d'engagement en 2023
Liendin	12 500 abonnés
Site Web de l'entreprise	48 200 visiteurs uniques
Webinaires scientifiques	7 hébergé

Instil Bio, Inc. (TIL) - Modèle d'entreprise: segments de clientèle

Centres de recherche en oncologie

En 2024, Instil Bio cible environ 250 centres de recherche en oncologie spécialisés aux États-Unis et en Europe.

Région	Nombre de centres de recherche	Budget de recherche annuel
États-Unis	157	3,2 milliards de dollars
Union européenne	93	1,8 milliard de dollars

Hôpitaux avec des capacités de traitement avancées

Instil Bio se concentre sur 135 hôpitaux avec une infrastructure d'immunothérapie spécialisée.

• Top 50 des centres de traitement du cancer en Amérique du Nord
• 85 centres de cancer complets avec des capacités avancées d'essais cliniques

Organisations de recherche pharmaceutique

Target Market comprend 78 organisations de recherche pharmaceutique spécialisées dans l'immuno-oncologie.

Type d'organisation	Nombre d'organisations	Investissement annuel dans l'immunothérapie
Grandes sociétés pharmaceutiques	22	5,6 milliards de dollars
Organisations de recherche de taille moyenne	56	1,3 milliard de dollars

Patients avec un diagnostic de cancer complexe

Population de patients ciblée avec des types de cancer spécifiques:

• Patients atteints de mélanome métastatique: 55 000 par an
• Patients atteints de cancer du poumon non à petites cellules avancées: 87 000 par an
• Patients de tumeurs solides réfractaires: 42 000 par an

Spécialistes de l'immunothérapie

Réseau de 215 cliniciens et chercheurs d'immunothérapie spécialisés.

Domaine spécialisé	Nombre de spécialistes	Expérience de recherche moyenne
Immunologues cliniques	87	14,5 ans
Chercheurs en oncologie	128	12,3 ans

Instil Bio, Inc. (TIL) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Instil Bio a déclaré des frais de recherche et de développement de 118,1 millions de dollars.

Année	Dépenses de R&D
2022	95,4 millions de dollars
2023	118,1 millions de dollars

Coûts opérationnels des essais cliniques

Les dépenses d'essai cliniques pour Instil Bio en 2023 ont totalisé environ 62,5 millions de dollars.

• Essais de phase 1: 18,3 millions de dollars
• Essais de phase 2: 27,6 millions de dollars
• Essais de phase 3: 16,6 millions de dollars

Investissements d'infrastructure de technologie avancée

Les investissements sur les infrastructures technologiques pour 2023 étaient de 23,7 millions de dollars.

Catégorie d'infrastructure	Montant d'investissement
Systèmes informatiques	12,4 millions de dollars
Équipement de laboratoire	8,9 millions de dollars
Logiciel et licence	2,4 millions de dollars

Recrutement et rétention spécialisés du personnel

Les dépenses liées au personnel pour 2023 ont atteint 45,2 millions de dollars.

• Salaires du personnel de recherche: 29,6 millions de dollars
• Avantages et rémunération: 10,3 millions de dollars
• Recrutement et formation: 5,3 millions de dollars

Dépenses de conformité réglementaire et de test

Les coûts de conformité réglementaire pour 2023 étaient de 15,6 millions de dollars.

Catégorie de conformité	Dépense
Coûts de soumission de la FDA	6,2 millions de dollars
Audit et vérification externes	4,8 millions de dollars
Documentation de conformité	4,6 millions de dollars

INSTIL BIO, Inc. (TIL) - Modèle d'entreprise: sources de revenus

Commercialisation potentielle des produits thérapeutiques

Depuis le quatrième trimestre 2023, Instil Bio n'a pas de produits approuvés commercialement générant des revenus directs. L'objectif principal de l'entreprise reste sur le développement de thérapies à cellules T pour diverses conditions auto-immunes et oncologiques.

Subventions et financement de recherche

Année	Source d'octroi	Montant
2022	National Institutes of Health (NIH)	1,2 million de dollars
2023	CPRIT (Cancer Prevention and Research Institute of Texas)	3,5 millions de dollars

Partenariats de recherche collaborative

Les accords de collaboration de recherche actuels comprennent:

• MD Anderson Cancer Center
• Université du Texas Southwestern Medical Center
• Memorial Sloan Kettering Cancer Center

Licence de propriété intellectuelle

Instil Bio Holds 17 brevets délivrés et 29 demandes de brevet en instance En décembre 2023, représentant des sources de revenus potentielles de licence future.

Futurs accords de partenariat pharmaceutique

Partenaire	Domaine de mise au point	Valeur potentielle de l'accord
Société pharmaceutique non divulguée	Développement de la thérapie des cellules T	Jusqu'à 250 millions de dollars

Total des dépenses de recherche et développement pour 2023: 87,4 millions de dollars

Instil Bio, Inc. (TIL) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Instil Bio, Inc. is putting forward to the market as of late 2025. These are the specific benefits they claim their science delivers to patients and the healthcare system.

Novel bispecific antibody (AXN-2510) targeting PD-L1 and VEGF for solid tumors

The lead asset, AXN-2510, is a PD-L1xVEGF bispecific antibody designed for multiple solid tumors. Instil Bio, Inc. is advancing this molecule through clinical development, with a U.S. Phase 1 trial for relapsed/refractory solid tumors planned to initiate before the end of 2025, following U.S. FDA Investigational New Drug (IND) clearance in July 2025. The collaboration with ImmuneOnco in China is running a Phase 2 trial combining AXN-2510 with chemotherapy for first-line NSCLC patients, expecting enrollment completion in Q3 2025 and initial data readout in the second half of 2025.

Here are some specific data points related to the clinical progress of AXN-2510:

Clinical Setting	Patient Population	Dose Level(s) Tested	Number of Patients Evaluated
China Phase 1 (Monotherapy)	Relapsed/Refractory Squamous NSCLC	3, 6, 10, or 20 mg/kg Q2W	23 treated as of June 13, 2025
China Phase 1 (Monotherapy)	Efficacy Evaluable sq-NSCLC	Majority at 20 mg/kg Q2W	17 efficacy evaluable patients
China Phase 1 (Monotherapy)	Previously Treated NSCLC	Not specified	13 patients

The objective response rate (ORR) observed in the efficacy evaluable sq-NSCLC patients was 35.3%. For the total of 13 previously treated NSCLC patients, an ORR of 23% was obtained.

Potential for enhanced anti-tumor activity via ADCC-enhanced bispecific design

The design of AXN-2510 incorporates features intended to improve efficacy over other drugs in the same class. These features include a VEGF trap for broader neutralization of VEGF ligands and enhancement for direct tumor killing via Antibody-Dependent Cell-mediated Cytotoxicity (ADCC).

• The molecule includes a VEGF trap for broader neutralization of VEGF ligands.
• It features ADCC enhancement for direct tumor killing.
• In the sq-NSCLC subset study, 6 patients had previously received VEGF-directed therapy.

Next-generation, genetically engineered Tumor-Infiltrating Lymphocyte (TIL) therapies

Instil Bio, Inc. has shifted its focus within the TIL space, discontinuing ITIL-168 in December 2022 to concentrate on genetically-engineered TIL therapy. The current lead TIL asset is ITIL-306, an autologous TIL cell therapy engineered using the CoStAR platform, which is currently in a Phase I clinical trial for solid tumors. This focus on engineered cells represents the next-generation approach compared to unmodified TILs.

The broader market context for this technology shows significant growth potential:

• Global TIL therapy market size estimated to be USD 0.3 billion in 2025.
• Projected to reach USD 4.2 billion by 2035.
• This represents a compound annual growth rate (CAGR) of 28.7% during that period.

Addressing cancers with high unmet medical needs like NSCLC and TNBC

The development strategy targets indications where current treatments leave significant gaps. The global non-small cell lung cancer therapeutics market size is projected to reach $66.20 billion by 2033. The clinical programs are directly aimed at these high-need areas.

The value proposition is grounded in the company's financial stability to support this intensive research and development:

As of September 30, 2025, Instil Bio, Inc. reported total cash, cash equivalents, marketable securities, and long-term investments of $83.4 million. The company expects this liquidity to fund its operating plan beyond 2026. For the third quarter ended September 30, 2025, the basic and diluted net loss per share was $2.01.

Instil Bio, Inc. (TIL) - Canvas Business Model: Customer Relationships

You're looking at the relationships Instil Bio, Inc. (TIL) cultivates right now, which are heavily weighted toward scientific and regulatory partners, given its clinical-stage focus. This isn't about mass-market sales; it's about deep, specialized engagement.

Close, high-touch collaboration with clinical investigators and sites

The core of the operational relationship centers on advancing the lead asset, AXN-2510/IMM2510. This requires tight coordination with the sites running the trials. You see this commitment in the recent activation of US sites for the Phase 1 monotherapy dose optimization trial in relapsed or refractory solid tumors, which dosed its first patient in October 2025. This followed the U.S. FDA clearing the Investigational New Drug (IND) application in July 2025. On the collaboration front with ImmuneOnco in China, enrollment for the Phase 2 trial in first-line NSCLC was projected to complete around Q3 2025, involving approximately 60 patients. Managing these geographically diverse, high-stakes collaborations demands constant, high-touch interaction with the principal investigators and site staff.

Scientific engagement with key opinion leaders (KOLs) in immuno-oncology

Scientific credibility is built through peer review and presentation. Instil Bio, Inc. actively engages the immuno-oncology community by presenting data at major medical meetings. For instance, updated data from the monotherapy study was presented at the IASLC's 2025 World Conference on Lung Cancer between September 6th-9th, 2025. Furthermore, strengthening the internal scientific leadership is a key relationship move; the company announced the appointment of Jamie Freedman, M.D., Ph.D., as Chief Medical Officer in June 2025. These actions signal a direct line to the scientific thought leaders who will ultimately validate or reject the therapy.

Investor relations and communication to maintain financial stability and runway

Maintaining investor confidence is a critical relationship, especially when cash burn is a factor. The company must clearly communicate its financial health and operational milestones to ensure continued access to capital, should it be needed. Instil Bio, Inc.'s cash position is a key talking point. Here's the quick math on the liquidity trend:

• Cash, cash equivalents, marketable securities, and long-term investments as of September 30, 2025: $83.4 million.
• Cash position as of December 31, 2024: $115.1 million.
• Projected funding runway extends beyond 2026.
• Q3 2025 General and administrative expenses were $5.9 million.
• Q3 2025 basic and diluted net loss per share was $2.01 and $9.53, respectively.

What this estimate hides is the reliance on hitting the next data readout to preserve negotiating leverage. You defintely need to track that runway projection closely.

Defintely a B2B model focused on research and regulatory bodies now

Currently, the customer relationships are almost exclusively Business-to-Business (B2B) or Business-to-Institution. The immediate 'customers' are the clinical trial sites, the regulatory agencies like the U.S. FDA, and the strategic collaborators like ImmuneOnco. The end-user patient population is accessed only through these established, regulated channels.

The nature of these key relationships can be summarized by their recent operational focus:

Relationship Type	Key Counterparty/Focus	Metric/Milestone	Date/Value
Clinical Collaboration	ImmuneOnco (China Phase 2)	Enrollment Completion Target	Q3 2025
Regulatory Body	U.S. FDA	IND Clearance for AXN-2510	July 2025
Clinical Sites (US)	Phase 1 Trial Initiation	First Patient Dosed	October 2025
Scientific Community	Data Presentation	IASLC World Conference on Lung Cancer	September 2025
Investor Base	Liquidity Outlook	Projected Runway	Beyond 2026

Instil Bio, Inc. (TIL) - Canvas Business Model: Channels

The Channels for Instil Bio, Inc. (TIL) are heavily weighted toward external clinical and collaborative networks to advance its pipeline, particularly the PD-L1xVEGF bispecific antibody, AXN-2510/IMM2510.

Direct engagement with U.S. and international clinical trial sites

Direct engagement channels involve setting up and managing clinical trial sites for the company's proprietary development programs. As of late 2025, this channel is expanding geographically.

• The first patient was dosed in the U.S. Phase 1 clinical trial evaluating AXN-2510/IMM2510 monotherapy in October 2025.
• The U.S. Phase 1 trial targets patients with relapsed/refractory solid tumors.
• The company's key clinical trial of AXN-2510/IMM2510 in combination with chemotherapy for first-line Non-Small Cell Lung Cancer (NSCLC) patients is progressing in China.

Licensing agreements for regional development (e.g., ImmuneOnco for Greater China)

Strategic licensing agreements define the scope of development and commercialization rights, which is a core channel for global reach without bearing the full cost of operations in every territory. The agreement with ImmuneOnco Biopharmaceuticals (Shanghai) Inc. is central here.

Agreement Aspect	Instil Bio, Inc. (TIL) Channel Scope	ImmuneOnco Channel Scope
Product Rights (IMM2510/AXN-2510 & IMM27M)	Global development and commercialization rights outside of Greater China	Development and commercialization rights in Greater China (including Taiwan, Macau, and Hong Kong)
Potential Financial Value to ImmuneOnco	Upfront payment and potential near-term payments up to $50 million	Potential additional development, regulatory, and commercial milestones exceeding $2 billion plus single digit to low double-digit percentage royalties on global ex-China sales

This structure allows Instil Bio, Inc. (TIL) to focus its internal resources on the ex-China markets while leveraging ImmuneOnco's established presence in Greater China.

Scientific publications and conference presentations (e.g., World Conference on Lung Cancer)

Dissemination of clinical data through peer-reviewed channels and major medical conferences serves as a critical channel for establishing scientific credibility and generating external interest.

• ImmuneOnco presented updated monotherapy data for '2510 in relapsed/refractory squamous NSCLC at the 2025 World Conference on Lung Cancer (WCLC) in Barcelona, Spain, on September 9, 2025.
• In the Phase 1 monotherapy study presented, the objective response rate (ORR) was 35.3% in the 17 efficacy evaluable patients.
• Data from the ongoing Phase 2 combination trial in China showed partial responses in 62% of evaluable first-line NSCLC patients, including 80% in the squamous subset.
• Instil Bio, Inc. (TIL) also has a planned POSTER presentation for WCLC 2025 regarding IMM2510.

Regulatory submissions (e.g., U.S. FDA Investigational New Drug (IND) clearance)

Regulatory clearance is the gateway channel for initiating clinical development in major markets like the U.S. The successful IND clearance de-risks the U.S. channel significantly.

• The U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application for AXN-2510 on July 2, 2025.
• This clearance enables the initiation of a U.S. Phase 1 trial, which Instil Bio, Inc. (TIL) expects to begin before the end of 2025.

Financially, the company's ability to fund these channel activities is supported by its balance sheet, reporting total cash and investments of $103.6 million as of June 30, 2025, which is expected to fund operations beyond 2026.

Instil Bio, Inc. (TIL) - Canvas Business Model: Customer Segments

Patients with advanced or relapsed/refractory solid tumors (e.g., NSCLC)

• TIL therapy is being investigated for melanoma, variations of carcinoma, lung cancer, breast cancer, and genitourinary cancer.
• AXN-2510/IMM2510 is being developed for relapsed/refractory solid tumors.
• ITIL-168 is being investigated in Phase II for malignant melanoma.

Oncologists and cancer treatment centers specializing in immunotherapy

• AXN-2510/IMM2510 is being studied in a Phase 2 trial in China for first-line Non-Small Cell Lung Cancer (NSCLC) in combination with chemotherapy.
• The China Phase 2 trial for first-line NSCLC was on track to complete enrollment of approximately 60 patients in Q3 2025.
• A U.S. Phase 1 clinical trial evaluating AXN-2510/IMM2510 monotherapy in adult patients with advanced solid tumors dosed its first patient in October 2025.
• Updated monotherapy data in relapsed/refractory squamous-NSCLC was presented at the IASLC\'s 2025 World Conference on Lung Cancer (September 6th-9th, 2025).

Future commercial partners for ex-U.S. or ex-China markets

Instil Bio, Inc. stock surged 15.92% in pre-market trading on May 20, 2025, on news of strategic partnerships. The company has collaborations in place for development activities in China. The company is exploring options for potential transition of ITIL-306 to a US-based CDMO for manufacturing and clinical development if Investigator-Initiated Trial (IIT) data in China is compelling.

Institutional investors seeking high-growth biotech exposure

The following table summarizes key financial metrics relevant to the institutional investor segment as of late 2025:

Metric	Date/Period End	Value/Amount
Cash, Securities, Investments	September 30, 2025	$83.4 million
Cash, Securities, Investments	June 30, 2025	$103.6 million
Cash, Securities, Investments	March 31, 2025	$111.8 million
Cash Runway Expectation	As of September 30, 2025	Beyond 2026
Net Loss Per Share (Basic/Diluted)	Q3 2025	$2.01
Net Loss Per Share (Basic/Diluted)	Q2 2025	$3.24
Net Loss Per Share (Basic/Diluted)	Q1 2025	$4.32

Research and development expenses for the three months ended September 30, 2025, were $9.1 million. General and administrative expenses for the three months ended September 30, 2025, were $5.9 million.

Instil Bio, Inc. (TIL) - Canvas Business Model: Cost Structure

You're looking at the cost side of Instil Bio, Inc.'s (TIL) operations as of late 2025. It's all about the burn rate tied to clinical development, which is typical for a company at this stage. The numbers defintely show where the capital is going.

Expense Category	Amount (Nine Months Ended Sept 30, 2025)	Comparison to Prior Year (Nine Months Ended Sept 30, 2024)
Research and Development (R&D) Expenses	$21.2 million	Increased from $10.7 million
General and Administrative (G&A) Expenses	$21.2 million	Decreased from $33.8 million
Restructuring and Impairment Charges	$16.6 million	Increased from $7.1 million
In-Process R&D (In-licensing related)	$10.0 million	Same as $10.0 million

Here's the quick math on those major cost drivers for the first nine months of 2025.

• High Research and Development (R&D) expenses: $21.2 million for the nine months ended September 30, 2025.
• General and Administrative (G&A) expenses: $21.2 million for the nine months ended September 30, 2025.
• Significant restructuring and impairment charges: $16.6 million for the nine months ended September 30, 2025.
• Costs for in-licensing assets, totaling $10.0 million in-process R&D for the nine months ended September 30, 2025.

It's interesting to see G&A drop to $21.2 million from $33.8 million year-over-year, suggesting some cost discipline there, even as R&D doubled to $21.2 million. The $16.6 million in restructuring charges is a big one-off hit for this period.

Finance: draft 13-week cash view by Friday.

Instil Bio, Inc. (TIL) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Instil Bio, Inc. (TIL) as of late 2025, and honestly, it's what you expect for a company deep in clinical development. The focus right now is on pipeline progress, not product sales.

• Currently $0 in product revenue (pre-commercial, clinical-stage)

The primary source of non-operating income comes from managing the balance sheet. You need to know where the cash is sitting to estimate the interest earned.

Metric	Value as of September 30, 2025 (USD)	Q3 2025 Interest Income (Implied Unit)
Cash, Equivalents, Restricted Cash, Marketable Securities & LT Investments	$83.4 million	N/A
Interest Income (Q3 2025)	N/A	$5,635

That $83.4 million in total liquidity as of September 30, 2025, is what's generating that interest income. Management has stated this cash position funds the operating plan beyond 2026, so that interest is a small but steady buffer. The reported interest income for the third quarter of 2025, based on the available data snippet, was $5,635. We don't have the explicit unit (thousands or millions), but it's the latest reported figure for that line item.

The real financial upside, the big potential revenue, is locked up in the collaboration agreement for AXN-2510/IMM2510 outside Greater China, where Instil Bio, Inc. has exclusive rights. This is where the future product sales and milestone payments live.

• Potential future milestone payments from collaboration agreements
• Future product sales of AXN-2510/IMM2510 in territories outside Greater China

Here's the quick math on the potential non-product revenue from the ImmuneOnco deal for ex-China rights:

• Upfront and potential near-term payments: up to $50 million (including $10 million upfront).
• Total potential development, regulatory, and commercial milestones: exceeding $2 billion.
• Breakdown of milestones: up to $270 million in longer-term development/regulatory milestones.
• Breakdown of milestones: up to $1.8 billion in commercial milestones.
• Future revenue stream: Single-digit to low double-digit percentage royalties on global net sales outside of Greater China.

If you're modeling this out, you're looking at a potential total of over $2 billion in non-sales revenue events, plus the long-term royalty stream. What this estimate hides, though, is the timing; these are all contingent on clinical success and regulatory approvals, which are still ahead for the US program. Finance: draft 13-week cash view by Friday.